“Challenging demand” impacts West Fraser’s Q1 results

Faced with “challenging demand,” West Fraser Timber Co. saw its first-quarter sales inch up to $1.63 billion from $1.62 billion in the fourth quarter of 2022. Earnings for the period dropped to $42 million from $94 million in Q4 2022.

“In the first quarter of 2023, we faced challenging demand markets due in part to seasonal effects, as well as higher mortgage rates that continued to moderate new home construction activity in the U.S.,” said Ray Ferris, West Fraser’s president and CEO. “Our Lumber and North America EWP [Engineered Wood Products] businesses were most impacted by these factors.”